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Bank of Canada Rate Decision Tomorrow: What Every Canadian Needs to Know Before June 10

Current Rate 2.25% Held since Oct 2025 Expected Decision HOLD 34/34 economists Announcement 9:45 AM Wed, June 10 (ET) Prime Rate 4.45% Most major lenders On Wednesday morning, June 10, the Bank of Canada will announce its interest rate decision at 9:45 AM ET — and for Canadians with a mortgage, a variable-rate loan, or a renewal coming up, the decision is just two days away. Governor Tiff Macklem will follow with a press conference at 10:30 AM. The short answer: expect no change. But the full picture is considerably more complicated — and the Bank's tone tomorrow could signal whether rate hikes are quietly creeping back onto the table. The Consensus: A Hold, Full Stop The economist community is remarkably united heading into this decision. In a Reuters poll conducted June 2–5, all 34 economists surveyed predicted the Bank would leave its overnight rate at 2.25%. More than 80% said it would stay there for the rest of 2026. "Under normal circumstances, today's sagging econom...
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Tax Planning Resolutions for 2024

 

As the new year approaches, it’s important to consider your financial goals for 2024. One of the most important things to consider is income tax planning. Knowing about newer tax rules and benefits can help you customize a plan that will maximize your money in the year ahead. Here are five tax planning resolutions to consider:

  • Understand your tax rate: Each year, the federal government sets new tax brackets for personal income tax and certain benefit amounts that are indexed for inflation. For the 2024 tax year, Canadians will see an indexation increase of 4.7% to their personal income tax brackets.

  • Contribute to your employer’s RRSP: The biggest investment experts say you can make in your future while optimizing your tax savings is contributing your pre-tax income into an RRSP account. For the 2023 tax year, workers can contribute up to $30,780 in tax-deferred income to an RRSP, according to the CRA. In 2024, the limit will increase to $31,560.

  • Take advantage of home buyer tax perks: Two programs with tax benefits for Canadian home buyers are the First Home Savings Account (FHSA), the First-Time Home Buyer Incentive (FTHIB). There’s also the First-Time Home Buyers’ Tax Credit, sometimes called the Home Buyers’ Amount.

  • Check your eligibility for child care benefits: If you’re a parent (or plan to become one soon), there are several helpful tax benefits to incorporate into your annual financial plan. The Canada Child Benefit is the most notable perk which currently provides parents up to $7,437 per child under the age of six and up to $6,275 for children ages six through 17 in 2023.

  • Maximize self-employment income and benefits: If you run your own business or are self-employed, tax time is ideal for making a plan of attack for the year ahead. Your plan should include a cash flow analysis, including how you’re paid from your business.

I hope this helps! Let me know if you have any other questions.

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